Emerging Markets Newsletter

Semester 2 Week 5

Hey Legend!

Happy Monday and welcome to Week 5! 🥳

Week 5 is here, which means assignments, mid-sems, and the slow realization that caffeine might actually be your closest friend ☕.

A huge thank you to everyone who stopped by our Bake Sale, 🏪 you single-handedly kept both spirits and sugar levels high 😋. Know that your donations went to an amazing cause and that we will be sending out receipts to all you fantastic people! 🎗️

To those who applied for our Subcommittee, 👯‍♂️ we can’t wait to welcome some new faces into the team. Keep an eye on your inbox! 📬

Have an amazing week 5 champ 🥳

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The Numbers

Markets were mostly positive this week, with emerging markets, gold, and crude oil leading gains. The S&P 500 and ASX saw only modest rises, while Bitcoin was the main laggard, falling despite still posting strong year-to-date performance.

The Roundup

India’s Markets shake, pharma takes bold strides, and Delhi’s stray dogs make headlines. Meanwhile, China sends mixed political signals to Pakistan and India.

India

In this week’s roundup, market jitters hit the rupee amid U.S. tariff tensions, while Aurobindo Pharma charts a bold move in the pharma sector. Meanwhile, Delhi’s stray dogs get a second chance post-sterilisation, stirring public debate.

• The Indian rupee fell further on Friday, closing at ₹87.5300 against the U.S. dollar (down 0.3%), capping a volatile week marked by tariff worries and strong dollar demand, though the weekly loss was marginal at 0.02% 🆘💹. Markets were jittery ahead of Fed Chair Jerome Powell’s speech, while concerns over looming U.S. tariffs on Indian goods deepened pressure on the currency ⚠️🗓.

• Aurobindo Pharma is reportedly leading the race to acquire Prague-based generic drugmaker Zentiva for up to $5.5 billion, which would be the largest-ever acquisition by an Indian pharmaceutical firm 💊💰. The deal is in advanced stages with Zentiva’s owner, U.S.-based private equity firm Advent International 🤝🌍. However, Aurobindo has clarified that no binding agreement has been signed yet 📝⚠️.

• India’s foreign minister said that trade talks with the U.S. are ongoing, but New Delhi must firmly defend its key interests, particularly for farmers and small producers, just as U.S. tariffs on Indian goods surge to as much as 50%, with the first 25% already applied and the remaining 25% scheduled for August 27 🛡️🤝. The steep tariffs, tied to India’s continued imports of Russian oil, have sparked sharp criticism from Indian leaders.

• India’s Supreme Court has revised its earlier directive, allowing stray dogs in Delhi-NCR to return to their original areas after sterilisation and vaccination 🐕✅, while rabid or aggressive ones remain in shelters 🚫🏠. The move has drawn mixed reactions, with residents fearing attacks and animal lovers celebrating a more compassionate solution ❤️.

China

This week, we take a look at Presidents Xi’s surprise visit to Tibet, rising bond yields as financial markets adjust and Chinese efforts to enhance cooperation with India and Pakistan.

• China’s 30-Year Bond yield reached its highest level for the year at 2.15%, driven by weak demand 📉 in the Ministry of Finance’s latest bond auction. Falling bond demand comes as investors and traders move further towards equities as optimism grows 🤞 for talks between Beijing and Washington — reflected by the CSI 300 Index hitting its highest level since last October 📊🚀.

• China’s Foreign Minister, WanG Yi, stated that China and India should see each other as “partners”, rather than “adversaries or threats” following high-level bilateral discussions with his counterpart 🗣️🤝. However, this new attitude comes at odds 😬  with Wang Yi’s statement later in the week in which he described China as Pakistan’s “most reliable and strongest backer”.

• Tragedy in Qinghai province! 12 people have reportedly died 🙏😔 with an additional 4 missing after an under-construction bridge suddenly collapsed 🌉💥. According to state news, the bridge collapsed as a result of a steel cable snapping unexpectedly ⛓️💥 early in the morning.

• President Xi makes a rare surprise visit to Tibet to mark 60 years since its establishment as an autonomous zone. During the visit, Xi called for a “united, prosperous, civilised, harmonious and beautiful” Tibet 🤝🏛️🕊️and also praised governments efforts in their “struggle against separatism” 🛡️. The visit comes amidst deep social unrest with locals accusing the CCP of cultural and religious persection 🛐🚫📿.

Africa

East Africa keeps leading 🌱📈, with Ethiopia and Kenya driving growth through farming 🌾, services 💼, and regional trade links 🚚. While they push forward, other regions face slowdowns from unstable commodity prices ⛽ and shifting regulations ⚖️, testing resilience across the continent 🌍.

• Ethiopia continues to shine with growth above 7% 🚀supported by major infrastructure projects 🏗️ like railways and power plants ⚡, plus strong harvests 🌾that keep food supplies steady. Its performance shows East Africa’s ability to stay resilient even in a turbulent global economy 🌍.

• Morocco is breaking new ground by rolling out blockchain trading 💻🔗 at its stock exchange. The move boosts transparency 🔍, cuts costs 💵, and opens markets for fresh investors 📊, a signal of how digital innovation is reshaping finance across Africa 💡.

• The African Union sent a peace mission to South Sudan 🕊️, working to calm rising tensions and stop renewed conflict 🔥. With fragile peace in the region, security 🛡️ remains at the center of Africa’s political agenda, highlighting how stability is key to sustaining growth.

• South Africa secured fast-track customs deals 🤝 with the US, UK, and India, giving exporters quicker clearance 🚚, fewer checks 🔍, and lower costs 💵. These trade wins are crucial as the new 30% US tariff makes exports pricier ⚠️, testing how South Africa balances global trade pressure with new partnerships 🌐.

See you all next week!

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Best regards,

The EMN Team 💚